PPD reports second-quarter income down

Wednesday

Jul 28, 2010 at 8:22 AM

PPD Inc. reported that net income fell to $20.97 million, or 18 cents per diluted share, in the second quarter.

By Wayne FaulknerWayne.Faulkner@StarNewsOnline.com

PPD Inc. on Tuesday reported that net income fell to $20.97 million, or 18 cents per diluted share, in the second quarter compared to $58.06 million, or 49 cents, in the second quarter of 2009.Per-share earnings for the 2009 quarter included the after-tax gain on the sale of Piedmont Research Center, amounting to 16 cents, the Wilmington-based contract research organization said.Diluted earnings per share in the latest period included a charge for income taxes of 3 cents, related to the spinoff of PPD’s compound partnering business and a loss from discontinued operations of 2 cents from the closing of the company’s dermatology business unit. Net income from continuing operations fell to 20 cents per share in the latest period from 35 cents a year earlier, the company said.Net revenues were $369.9 million in the second quarter, compared to $354.6 million a year earlier.Cash flow from operations for the second quarter was $59.5 million, PPD said. PPD completed the spinoff of Furiex Pharmaceuticals Inc. on June 14, As of June 30, the company had $575.1 million in cash and investments, after allowing for payment of the second-quarter dividend and the transfer of $100 million to Furiex Pharmaceuticals.

Wayne Faulkner: 343-2329On Twitter.com: @bizniznews

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